Enjoy complimentary customisation on priority with our Enterprise License!
The alloy wheels aftermarket market size is forecast to increase by USD 680.4 million at a CAGR of 4.36% between 2023 and 2028. The alloy wheels aftermarket market is experiencing significant growth due to several key factors. Firstly, the aging of the global vehicle fleet necessitates wheel replacements, creating a steady demand for aftermarket alloy wheels. Secondly, the increasing preference among millennials for the aesthetic appeal of automotive exteriors, including alloy wheels, is driving market expansion. Lastly, the rising demand for alloy wheels in the luxury vehicle segment is further fueling market growth. These trends indicate a robust outlook for the alloy wheels aftermarket, with continued expansion anticipated in the coming years.
To learn more about this report, View Report Sample
ChatGPT
The alloy wheels aftermarket market is experiencing significant dynamics due to various factors such as suspension of vehicle production and lower vehicle sales impacting demand. Alloy wheels, made from materials like aluminum and magnesium, offer advantages such as being lighter than steel wheels, enhancing vehicular fuel consumption and reducing emissions. Enthusiasts and consumers seek these wheels for their hard and durable properties, contributing to vehicle dynamics like stability and traction. Despite supply disruptions and technological constraints, Tier 1 manufacturers and aftermarket suppliers are innovating to meet the demand for mid-priced vehicles and luxury vehicles. The adoption of carbon fiber reinforced composites further enhances the appeal of alloy wheels in the automotive and aviation industries. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the alloy wheels aftermarket market growth is the growing predisposition among millennials for the styling of the automotive exterior. There has been a significant decline in the age of first-time buyers. Factors such as external styling, features, and technology used in the vehicle are significantly influencing the purchasing decision of millennials. OEM-manufactured alloy wheels usually have a simpler design.
In addition, the aftermarket supplier offers much more flexibility and customization at a lower price by taking advantage of the gap in terms of quality, flexibility, features, and cost. Furthermore, the aftermarket alloy wheel is less expensive than OEM standard alloy wheels. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the alloy wheels aftermarket market growth is the advancement in technologies. There is increasing adoption of carbon fiber wheel vehicles across motorsport and aerospace industries. The main advantage of carbon fiber alloy is that it is stronger than aluminum and is only half its weight. Additionally, carbon fiber alloy wheels remain intact under a light impact whereas aluminum can deform.
Moreover, there is an increasing adoption of carbon fiber wheels by OEMs to utilize in passenger vehicles, as they enable improved vehicle efficiency. For instance, in August 2017, Porsche AG (Porsche) offered a carbon alloy wheel as an option to the customers of the Porsche 911 Turbo S Exclusive Series. Hence, such factors are expected to drive market growth during the forecast period.
Fluctuations in the price of aluminum are one of the key challenges hindering the alloy wheels aftermarket market growth. Aluminum wheels are generally manufactured from an alloy of aluminum or magnesium. As a matter of fact, a significant number of alloy wheels are made up of aluminum alloys. Thus, the price volatility of aluminum directly impacts the prices of alloy wheels.
For example, in 2020, aluminum prices witnessed a significant fluctuation after the COVID-19 outbreak triggered a global economic downturn. The price of LME aluminum was USD 1,315 per ton in January 2020, which declined to USD 1,230 per ton in May 2020 due to weak demand and oversupply. Wherein, in 2022, the price of aluminum was USD 2401.69 per ton. Hence, fluctuations in prices of aluminium can negatively impact the market which in turn will hinder the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ALCAR HOLDING GMBH: The company offers alloy wheels such as AEZ, DOTZ, DEZENT and DOTZ survival.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The 13-17 inches segment is estimated to witness significant growth during the forecast period. There is increasing adoption of 13-17 inches alloy wheels segment for small-sized vehicles such as hatchbacks. This segment has faster rotations due to its smaller rim size.
Get a glance at the market contribution of various segments View the PDF Sample
The 13-17 inches segment was the largest segment and was valued at USD 1.28 billion in 2018. The main advantage of smaller rim-sized alloy wheels in the range of 13-17 inches is that it offers more rotation per minute, which covers the road faster. when compared to bigger alloy wheels. Additionally, this segment provides higher stability as it has a smaller surface area of wheels to friction leading to the lesser wearing of wheels. Hence, such benefits are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 54% to the growth of the global market during the market growth analysis period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the global alloy wheels aftermarket market in APAC is the improved and stabilized socio-economic conditions in these countries. Several factors such as a large consumer base, rising per capita income, and ease of availing financing services are fuelling the demand for passenger as well as commercial cars in these countries which is positively impacting the market growth.
Furthermore, other factors that are significantly contributing to the growth of the commercial vehicles market in APAC are the expansive construction sector and the growing mining industry. Hence, such factors are expected to drive market growth in the region during the forecast period.
Segment Overview
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also be interested in:
Aluminum Alloy Wheel Market - Aluminum Alloy Wheel Market Analysis Europe, APAC, North America, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast
Automotive Steel Wheels Market - Automotive Steel Wheels Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, India, Germany - Size and Forecast
Automotive Wheel Market - Automotive Wheel Market by Vehicle Type and Geography - Forecast and Analysis
The automotive wheels aftermarket is evolving with advancements in lightweight materials like aluminum alloy, carbon fiber, and magnesium alloys, catering to diverse segments including passenger cars, SUVs, and hybrid electric vehicle models. These materials enhance vehicle efficiency, breaking performance, and appearance, aligning with consumer preferences for premium vehicles and modernization. Despite volatility in raw material prices, aftermarket offerings span from regular wheels to high-performance and luxury wheels in various rim sizes. OEMs and automakers emphasize carbon fiber reinforced composites and aluminum wheels to meet stringent fuel efficiency norms while offering new wheel replacement and refurbished wheel fitment options, thereby shaping the future of the alloy wheels aftermarket.
|
Industry Scope |
|
|
Report Coverage |
Details |
|
Page number |
164 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
|
Market growth 2024-2028 |
USD 680.4 million |
|
Market structure |
Concentrated |
|
YoY growth 2023-2024(%) |
4.11 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 54% |
|
Key countries |
China, US, Japan, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ALCAR HOLDING GMBH, BORBET GmbH, ENKEI WHEELS India Ltd., Forgiato, Howmet Aerospace Inc., Lenso Wheels, LKQ Corp., Neo Wheels Ltd., RONAL AG, Steel Strips Wheels Limited, The Carlstar Group LLC, Wheel Pros LLC, and YHI INTERNATIONAL Ltd. |
|
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
